Binance Launches Crypto Exchange In Kazakhstan
We keep getting bad news about Binance for a while. Now the good news is, Binance expands its operation and launches a new crypto exchange in Kazakhstan. They made the announcement of launching this platform on June 20, 2023. Kazakhstan’s banking industry representatives were present at the press event while making the announcement.
Binance got in-principle approval to run its business in August 2022. Then they received a permanent license from Kazakhstan’s Astana Financial Services Authority (AFSA) in October 2022. It allows the exchange to offer users different services including deposit and withdrawal of fiat currency, custody of cryptocurrency, exchange, and conversion services.
Kazakhstan’s Freedom Finance Bank offers banking services and users can use this service to deposit to the crypto exchange and withdraw fiat from the exchange. Two channels are available now to make the transaction, that is bank transfers and bank cards.
The largest crypto exchange Binance works with regulators to help and support the adoption of crypto in the country. It is good to see that Kazakhstan sees the potential of crypto and slowly moves forward with its initiatives. Crypto friendly regulatory framework for crypto assets is really important that can boost the development in this section.
We will see experts and entrepreneurs work on their projects and develop their own products that will add value to the crypto industry. Investors feel comfortable investing in different crypto projects.
The U.S. SEC's move against Binance creates a difficult situation and now Binance is busy dealing with lawsuits in the United States. Big boys who don't see the potential of crypto or pretend to hate crypto are busy applying for and approving Bitcoin Exchange-Traded Funds (ETFs). The crypto market responds positively.
Are you wondering why regulatory agencies are so hard on crypto exchanges? Maybe they are clearing the field so that big boys can play without much competition. You own your crypto as long as you hold it in your wallet you have the private key. Letting others hold your crypto assets empowers them.
It is better to focus on somewhere you get a crypto-friendly environment and you do not have to go through unnecessary regulatory scrutiny. It looks like Binance shifts its focus and keeps working to grow its business.
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